§ 1850-a. Legislative declaration. It is hereby declared that the need
for obtaining and maintaining an adequate and continuous supply of safe,
dependable and economical power and energy is a matter of serious
concern to the people of the state; that accelerated development and use
within the state of new energy technologies to supplement energy derived
from existing sources will promote the state's economic growth, protect
its environmental values and be in the best interests of the health and
welfare of the state's population; and that such development and use
requires special efforts to foster research, development, and
demonstration in the methods of production and use of new energy
technologies. The objective of this title is the development and
utilization of safe, dependable, renewable and economic energy sources
and the conservation of energy and energy resources.

It is further declared that implementation of this objective can best
be effectuated by changing and reconstituting the New York state atomic
and space development authority into the New York state energy research
and development authority. While maintaining its present commitments to
its bondholders, the authority shall direct its efforts toward the
development of new energy technologies, with special emphasis on
renewable energy sources and energy conservation technologies.

It is further declared and found that the objective of this title can
be achieved by (1) continuing the authority's authorization to issue
bonds and notes and to lend or otherwise apply the proceeds therefrom
for the benefit of gas and power companies in financing projects
including, without limitation, experimental or developmental facilities
implementing new energy technologies, pollution control facilities,
facilities required by the public interest in development, health,
recreation, safety, conservation of natural resources and aesthetics,
and facilities for the furnishing of electric energy or gas, and (2)
empowering the authority to issue bonds and notes and to lend or
otherwise apply the proceeds therefrom to finance special energy
projects for the benefit of persons in the state.